How is brokerage calculated in India?

Types of brokerage plans

Indian brokers use four basic structures, often mixed across segments:

• Zero brokerage on equity delivery (Zerodha, for example).
• Flat fee per order, usually ₹20, regardless of size.
• Percentage with a cap, such as 0.03% or ₹20 per order, whichever is lower. Small orders pay less than ₹20.
• Percentage with a cap and a minimum, such as 0.1% or ₹20, whichever is lower, but at least ₹5 (Groww and Angel One on equity).

Traditional full-service brokers often charge a percentage of turnover without a cap, for example 0.3% to 0.5% on delivery, which costs far more on large orders.

Formulas

An executed order is charged once even if it fills in several trades at the same price on the same day at most brokers, but rules differ, so check yours. Brokerage is charged on both the buy and the sell order.

Worked examples

Intraday at 0.03% or ₹20

Buy ₹1,00,000 and sell ₹1,01,000. 0.03% of ₹1,00,000 is ₹30, so the cap of ₹20 applies to each side: ₹40 of brokerage plus ₹7.20 GST on it.

Small intraday order

Buy ₹20,000 worth: 0.03% is ₹6, below the cap, so you pay ₹6 per side, ₹12 in total.

Delivery at 0.1% or ₹20 with ₹5 minimum

Buy ₹50,000: 0.1% is ₹50, capped to ₹20. Buy ₹500: 0.1% is 50 paise, raised to the ₹5 minimum, which is 1% of the order.

Options at flat ₹20

One Nifty options lot bought and sold: ₹40 of brokerage regardless of premium, plus GST.

Same trade, different plans

100 shares bought at ₹500 and sold at ₹520 for delivery:

The statutory charges (STT ₹102, stamp duty ₹7.50, exchange ₹3.13) are identical everywhere; only brokerage, GST on it and the DP fee change.

When you pay more

• Call and trade: brokers charge extra (₹50 per order at Zerodha) for orders placed by phone, including auto square-off.
• Auto square-off of intraday positions not closed by the cut-off time.
• Option exercise and assignment, which some brokers charge as an order.
• Debit balance: some brokers add a charge per order when your account is negative.

Choosing a plan

Long-term investors who rarely sell care most about delivery brokerage, DP charges and AMC. Active intraday and options traders care about the per-order fee. Count your monthly orders and multiply by the fee; for many people the difference between brokers is smaller than the difference made by trading less often. Compare brokers in this comparison or test a trade in the brokerage calculator.

Sources: NSE and BSE transaction charge circulars, the Finance Act 2026 (STT), SEBI fee schedule, the Indian Stamp Act as amended in 2020, and the published rate cards of Zerodha, Groww, Upstox and Angel One, checked in October 2026.

Frequently asked questions